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EPISODE SEVEN LESSONS

Anthony Parinello and Beth Gottfried
10 SECRETS I LEARNED FROM THE APPRENTICE
Chamberlin Brothers, 2004

Michael Robin
LESSONS FROM THE APPRENTICE
Time, Inc. 2005

 

In the boardroom

Versacorp was back in the boardroom to face Donald and his associates. Carolyn wanted to know why Katrina, an expert in real estate, didn't negotiate the rent. Katrina said that she had concentrated on the renovation and delegated the negotiations to Bill. Donald said that the team did an excellent job with the renovation, but a bad job with the negotiation. Donald was also surprised at Tammy's comment in which she said that her team had been duped. He didn't understand why Tammy would publicly attack her own team. Once Katrina, Tammy, and Bill left the boardroom, Donald looked to his associates for advice. Carolyn said that she was troubled by Tammy, who contributed nothing to the task. Bernie was bothered by Katrina's attack on Bill's negotiating ability when she brought him only one potential customer. The three Versacorp team members were called back in. Donald said that Katrina was in charge of both renovation and negotiations but that she seemed only to concentrate on the former. Donald then told Bill that he should have gotten more money for the apartment. But, Donald thought that Tammy's disloyalty was so egregious that he had no choice. Tammy was fired!


Commentary

  • Reach Your Customer.

    • Your marketing sizzles and your know precisely who your customer is.  Now you have to introduce the two or you'll wind up like Katrina in this episode: twiddling your thumbs in an apartment you just whipped into shape while the world passes you by.  Katrina had overseen a first-rate renovation and seemed well on her way to winning the task of increasing rent by the highest percentage.  But her inability to get the word out left Versacorp at the mercy of heir sole prospective tenant.  The single offer can be a salesman's nightmare, and Katrina--a successful realtor--should have known it.  Just one more bidder might have made the difference between victory and the boardroom.

  • Recognize Potential. 

    • The first place project managers Katrina and Troy looked at was in better shape and had a higher assessed value that the second.  But real estate veteran Katrina knew that appearances could be deceiving.  "It looks like a disaster," she told her team.  "However, if you have vision you could do a lot more with the second apartment."   Katrina was right; unfortunately, it didn't do her any good.  Troy overheard her conversation and nabbed the promising second apartment for Protege.  Although Katrina moved mountains to prove her own prediction false, masterminding a major overhaul of the first apartment and persuading a contractor to refurbish both kitchen and bathroom for $1500, Troy's team nevertheless raised their rent by a much higher percentage than Katrina's.  Katrina's eye for potential had inadvertently handed the competition an insurmountable advantage.

  • Handle Your Workers Well

    • Katrina took a lot of flak for sometimes relying on charm over substance, but her interactions with her contractor in this episode showed that the two can be synonymous.  First, she secured his services for a sum that Bill and Nick laughingly acknowledged they could never have gotten anyone to agree to, and later, when the erratic Tammy made the workers miserable, Katrina let them know that they could tell her to get lost.  Katrina connected with her contractor in a relaxed, confident, and even friendly manner.  The results were palpable.  Bill estimated that she'd won the team $20,000 worth of work for a fraction of that figure.  Katrina's deft handling of her contractor was a smashing success.

  • Know When to Shut Up. 

    • Trump barely noticed Tammy in the boardroom.  She stood in the back while Katrina complained to Trump about Troy's unscrupulous behavior.  Troy had gained the upper hand at the beginning of the task by writing "I want exactly what you want" on the slip of paper on which he was supposed to reveal which apartment he wanted.  Defeat did nothing to cool Katrina's anger.  She vehemently denied that she had been duped and her team backed her up.  "I've been duped many times," Trump admitted.  "Everyone has been." Still, Versacorp presented a united front in Katrina's defense.  Until a voice chimed in from the back.  "I think we did get duped, to be honest," said Tammy, her internal editor characteristically out to lunch.  Her teammates were furious, and Trump was not impressed.  "Your disloyalty has been just terrible," he said.  With one ill-considered comment, Tammy brought herself out of the margins and into Trump's crosshairs.


Lessons Learned

Show No Mercy

"In business as in sports achievement is competitive on both the individual and group level.  If you ignore the competition, you ignore the achievement." - Alfred Sloan

  • Identify and neutralize your company's competition and your own competition.
  • Pay attention to both internal and external competition in the business world.
  • Remember that in the world of the high achiever competition is a way of life.
  • Learn what must be done in order to outperform other people and institutions.
  • Never forget that your main goal is to become a leader.
  • Don't hold grudges.
  • Focus on the best ways to win in every situation.
  • Know that internal competition is what makes high-level external competition possible.
  • Don't concentrate exclusively on helping your team, but rather on helping yourself and your team.

Gold Stars:

***


The Report Card
Protege:
  • Effort --
  • Performance --
  • Creativity --


 
Versacorp:
  • Effort --
  • Performance --
  • Creativity --


 

 

 

EPISODE 7